The Central Board of Indirect Taxes and Customs (CBIC) has released a notification on 15th October 2020 which extends the benefit of the optional filing of annual return for registered persons whose aggregate turnover in a financial year does not exceed Rs 2 crore, for the FY 2019-20.
The Notification No. 77/2020 – Central Tax states that the benefit of the voluntary filing of GST Annual Return was already there for Financial Year 2017-18 and 2018-19 as a Notification No. 47/2019 – Central Tax was earlier issued by the board on 9th October 2019. So such taxpayers are not required to furnish Annual Return for 2019-20 and, they can choose not to file such return. Still, if they want, they can definitely file the same.
The new notification said, “In the said notification in the opening paragraph, for the words and figures “financial years 2017-18 and 2018-19”, the words and figures “financial years 2017-18, 2018-19 and 2019-20” shall be substituted.”
With Warm Regards,